EXPORT TERMINALS CLOSED
Nigeria’s struggle to boost oil output good for Opec
Abuja/Johannesburg — Nigeria’s progress in curbing militant attacks has not boosted its oil output much and, while that is bad news for a country mired in its worst economic slump in 25 years, it is making life easier for fellow Organisation of Petroleum Exporting Countries (Opec) members. Africa’s largest economy was pumping about 1.5-million barrels a day in January, 30% below what it was hoping to achieve and only a modest recovery from an almost 30-year low of 1.4-million in August. While peace efforts have curbed the frequency of attacks in the oil-rich Niger River delta, the Forcados export terminal, the country’s third largest, remains closed and shipments are down at many others. If these disruptions persist they could have an unintended consequence: helping Opec boost oil prices. "Bringing the Forcados loading terminal back into action is key for Nigeria’s exports," said Charles Swabey, an oil and gas analyst at BMI Research. If the government followed through on the peace ...
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